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US automotive sales experienced record numbers from 2008-2016, but the industry is seeing a steady decline in 2017 for the first time in eight years. And there is reason to believe that sales will continue to drop in 2018.
During the last two years, the automotive industry has exhausted every opportunity available to bring in new consumers. These have mostly centered around increasing auto-loan length and extending credit to riskier buyers, which has resulted in an increase in auto loan delinquency rates.
Despite a growing economy, the automotive industry is still in danger. Employment has never been an indicator of industry growth. Andrew Duguay, Senior Economist at Prevedere, shares his forecast for the industry and how automotive executives should refine their strategy for 2018.
He also offers advice to auto-makers about pinpointing consumers with disposable income and identifying areas and opportunities to move these customers to a new price point.
About the Speaker
Andrew Duguay is a Senior Economist for Prevedere, a predictive analytics company that helps provides business leaders a real-time insights of their company’s future performance. Prior to his role at Prevedere, Andrew was a Senior Economist at ITR Economics. Andrew’s commentary and expertise have been featured in NPR, Reuters, and other publications. Andrew has an MBA and a degree in Economics. He has received a Certificate in Professional Forecasting from the Institute for Business Forecasting and Certificates in Economic Measurement, Applied Econometrics, and Time-Series Analysis and Forecasting from the National Association for Business Economics.
Prevedere is an industry insights and predictive analytics company, helping business leaders make better decisions by providing a real-time view of their company’s future. Our external real-time insights engine constantly monitors the world’s data, identifying future threats or opportunities to business performance. Along with a team of industry experts, data scientist, and economists, Prevedere helps business leaders make the right decisions in an ever-changing world.